Northeast

FUND ACQUIRES $10M U.S. BORDER PATROL STATION IN MAINE

by admin November 30, 2011

FORT FAIRFIELD, MAINE —Marcus & Millichap Real Estate Investment Services has brokered the $10 million sale of the Fort Fairfield border patrol station, a 25,603-square-foot built-to-suit facility in northern Maine. Geoffrey Ficke of Marcus & Millichap's Dallas office represented the seller, a developer of buildings leased by the government. Ficke also procured the buyer, a fund focused on U.S. General Services Administration property acquisitions. Adrian Harris of Harris Real Estate, Appraisal & Auction Services in Farmington, Maine, also provided representation.

November 30, 2011

PRISM CAPITAL ACQUIRES 230,000-SQUARE-FOOT INDUSTRIAL BUILDING

by admin November 29, 2011

CARTERET, N.J. — Prism Capital Partners has acquired a 230,000-square-foot industrial building at 700 Blair Rd. in Carteret for the purpose of relocating Berjé Inc.'s headquarters to the property from its Parkway Lofts site in Bloomfield, N.J. The move represents an expansion from Berjé, a distributor of essential oils and aromatic chemicals, and paves the way for the start of construction for Parkway Lofts, a multifamily adaptive reuse project. Prism purchased the building from BASF Corp. for an undisclosed amount.

November 29, 2011

Northeast Retail

ATHLETA OPENS FIRST STORE IN PHILADELPHIA

by admin November 29, 2011

PHILADELPHIA — Athleta, an apparel retailer catering to active women, has opened its first store in Philadelphia, located at 1722 Walnut St. Steven Gartner of Metro Commercial Real Estate represented Athleta in the 4,000-square-foot lease transaction. The landlord is Kaiserman Co. Inc.

November 29, 2011

Mixed-Use Northeast

NORTHMARQ ARRANGES $10.5M IN FINANCING FOR GATEWAY BUILDING

by admin November 29, 2011

NEW YORK CITY — NorthMarq Capital has arranged $10.5 million in first mortgage financing for the Gateway building, a 41,832-square-foot mixed-use space located at 127-137 E. 125th St. in New York City. Tenants include Duane Reade, Raymour & Flanagan and NYSARC. Craig Bjornsund of NorthMarq's New York office arranged the financing for the borrower, 125th Street Gateway Ventures, through NorthMarq's correspondent relationship with Symetra Life Insurance Co. The seven-year loan has a 25-year amortization schedule.

November 29, 2011

Multifamily Northeast

ROSELAND PROPERTY KICKS OFF $120M RENTAL PROJECT

by admin November 28, 2011

WEST NEW YORK, N.J. — Roseland Property Co. has broken ground on the $120 million River Trace, a 316-unit rental building in West New York. The project, which is a new addition to the 200-acre master-planned community along Port Imperial Boulevard, will include one-, two- and three-bedroom units. Amenities will include a theater room and fitness center. Occupancy is slated for the fall of 2013.

November 28, 2011

Northeast Retail

AMERICAN CAPITAL BUYS 10 GREENWICH VILLAGE RETAIL CONDOS

by admin November 28, 2011

NEW YORK CITY — American Realty Capital New York Recovery REIT has closed on its $22.5 million acquisition of a fee-simple interest in a portfolio of 10 retail condominiums located at 122 Greenwich Ave. in Manhattan. The One Jackson Square portfolio consists of 8,392 square feet, including four rental units. Three of the four rental units are leased to two tenants — a Starbucks coffeehouse and a TD Bank branch.

November 28, 2011

Hospitality Northeast

DOUBLETREE PLANS $16M RENOVATION

by admin November 28, 2011

PITTSBURGH — DoubleTree by Hilton is planning a $16 million renovation of its 465-room hotel in Pittsburgh. The hotel is Hilton's largest in the market, and the project is scheduled for completion by the end of 2012. RIDA Development Corp. will direct the redesign of the Doubletree by Hilton Pittsburgh-Green Tree. The team includes interior design company, Looney & Associates. Renovations are planned for the lobby, guest rooms and the business and fitness centers.

November 28, 2011

Northeast Retail

VERIZON RENEWS LONG-TERM LEASE IN MASSACHUSETTS

by admin November 28, 2011

AYER, MASS. — Verizon Communications has renewed its long-term lease for 17,430 square feet at 5 Sandy Pond Rd. in Ayer. Amy Perlman of CB Richard Ellis represented the tenant in the transaction. Richard McKinnon of the Quincy, Ill. office of Grossman Co. Inc. represented the landlord, 5 Sandy Pond Rd. Ayer LLC.

November 28, 2011

Northeast Retail

ARIEL PROPERTY CLOSES $2.4M RETAIL CONDO SALE IN MANHATTAN

by admin November 23, 2011

NEW YORK CITY — Ariel Property Advisors has closed the the $2.4 million sale of a retail condominium, located on the ground floor of the Douglass Condominium development at 2100 Frederick Douglass Blvd. in Manhattan. Michael Tortorici, Victor Sozio and Shimon Shkury of Ariel Property Advisors represented both parties in the transaction. The sellers were BRP Development Corp. and Goldman Sachs Urban Investment Group, and the buyers were a private investment group.

November 23, 2011

Northeast Office

KS PARTNERS ACQUIRES $8.15M OFFICE PROPERTY

by admin November 23, 2011

MARLBOROUGH, MASS. — KS Partners, a real estate investment and development company, has acquired a 113,050-square-foot office property, located at 33 Boston Post Rd. in Marlborough for $8.15 million. Tenants include BayPath, Forefield and Law Offices of Gary H. Kreppel. Richards Barry Joyce & Partners represented the buyer. James McCaffrey of Eastdil represented the seller.

November 23, 2011

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